https://www.snb.ch/en/news-publications/news News on the Swiss National Bank (SNB) website SNB 2026-11-10T23:11:00Z Copyright © Swiss National Bank, Zurich (Switzerland) 2026 2026-11-10T23:11:00Z https://www.snb.ch/en/srv/disclaimer https://www.snb.ch/en/publications/communication/speeches/2026/ref_20261110_anmar https://www.snb.ch/en/publications/communication/speeches/2026/ref_20261110_anmar The Swiss National Bank, its monetary policy and the Swiss economy 2026-11-10T14:15:00Z SNB The Swiss National Bank, its monetary policy and the Swiss economy https://www.snb.ch/en/publications/communication/speeches/2026/ref_20261110_anmar Antoine Martin Vice Chairman of the Governing Board American Swiss Foundation's Young Leaders Conference 2026, Berne 2026-11-10T14:15:00Z en https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/11/statpub_news_20261109_gwd https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/11/statpub_news_20261109_gwd Important monetary policy data, 9 November 2026 2026-11-09T09:00:00Z SNB Important monetary policy data, 9 November 2026 https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/11/statpub_news_20261109_gwd 2026-11-09T09:00:00Z en https://www.snb.ch/en/publications/communication/interviews/int_20261105_msl https://www.snb.ch/en/publications/communication/interviews/int_20261105_msl Interview with Martin Schlegel - Handelszeitung 2026-11-06T11:00:00Z SNB Interview with Martin Schlegel - Handelszeitung https://www.snb.ch/en/publications/communication/interviews/int_20261105_msl 2026-11-06T11:00:00Z en https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/11/statpub_news_20261106_wki https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/11/statpub_news_20261106_wki Exchange rate indices, November 2026 2026-11-06T08:00:00Z SNB Exchange rate indices, November 2026 https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/11/statpub_news_20261106_wki 2026-11-06T08:00:00Z en https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/11/statpub_news_20261106_sddsplus https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/11/statpub_news_20261106_sddsplus IMF SDDS Plus, 6 November 2026 2026-11-06T08:00:00Z SNB IMF SDDS Plus, 6 November 2026 https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/11/statpub_news_20261106_sddsplus 2026-11-06T08:00:00Z en https://www.snb.ch/en/publications/communication/speeches/2026/ref_20261105_msl To achieve its mandate, a central bank needs to understand how its actions affect the financial system and the economy. Switzerland is a small open economy with a stable political and institutional environment. This creates a special setting for monetary policy. Our main tool is the SNB policy rate. If necessary, the SNB also uses other measures. Understanding the transmission of our monetary policy to the Swiss economy is important for the SNB in achieving its mandate. Changes in the policy rate affect monetary and financial conditions. Short- and long-term rates change, and asset prices and the exchange rate move. This affects consumption and investment, as well as imports and exports. According to our estimates for Switzerland, both the 10-year interest rate and the exchange rate go up after a policy rate increase. One year after the increase, both inflation and output are lower. How have we applied our monetary policy strategy? In the years after the global financial crisis, policy rates reached very low levels, both in Switzerland and abroad. Safe-haven flows posed a threat to price stability. In such an environment, it was important to supplement interest rate policy with foreign exchange interventions to safeguard price stability. In 2021, after years of low inflation, inflation started to rise globally. Around the world, supply was constrained, demand was strong and monetary policy was loose. The SNB addressed the resulting inflationary pressure by using a combination of policy rate hikes and foreign-currency sales. This prevented a broadening of inflation and limited second-round effects on domestic prices. Over the past few decades, the SNB has faced many crises that threatened price stability. Despite these repeated challenges, the SNB has fulfilled its mandate - price stability in the medium term. https://www.snb.ch/en/publications/communication/speeches/2026/ref_20261105_msl Transmission and conduct of monetary policy in Switzerland 2026-11-05T12:40:00Z SNB Transmission and conduct of monetary policy in Switzerland https://www.snb.ch/en/publications/communication/speeches/2026/ref_20261105_msl To achieve its mandate, a central bank needs to understand how its actions affect the financial system and the economy. Switzerland is a small open economy with a stable political and institutional environment. This creates a special setting for monetary policy. Our main tool is the SNB policy rate. If necessary, the SNB also uses other measures. Understanding the transmission of our monetary policy to the Swiss economy is important for the SNB in achieving its mandate. Changes in the policy rate affect monetary and financial conditions. Short- and long-term rates change, and asset prices and the exchange rate move. This affects consumption and investment, as well as imports and exports. According to our estimates for Switzerland, both the 10-year interest rate and the exchange rate go up after a policy rate increase. One year after the increase, both inflation and output are lower. How have we applied our monetary policy strategy? In the years after the global financial crisis, policy rates reached very low levels, both in Switzerland and abroad. Safe-haven flows posed a threat to price stability. In such an environment, it was important to supplement interest rate policy with foreign exchange interventions to safeguard price stability. In 2021, after years of low inflation, inflation started to rise globally. Around the world, supply was constrained, demand was strong and monetary policy was loose. The SNB addressed the resulting inflationary pressure by using a combination of policy rate hikes and foreign-currency sales. This prevented a broadening of inflation and limited second-round effects on domestic prices. Over the past few decades, the SNB has faced many crises that threatened price stability. Despite these repeated challenges, the SNB has fulfilled its mandate - price stability in the medium term. Martin Schlegel Chairman of the Governing Board The SNB and its Watchers 2026, Zurich 2026-11-05T12:40:00Z en https://www.snb.ch/en/publications/research/working-papers/2026/working_paper_2026_14 The surge in inflation after the COVID-19 pandemic caught forecasters and policy makers by surprise: shocks treated as transitory turned out to be persistent, producing large forecast errors. Watson (2026) asks whether the U.S. surge could instead have been recognised as persistent in real time using Unobserved-Components Stochastic Volatility (UC-SV) models. This paper replicates and extends that exercise for Switzerland, using (i) total Swiss CPI inflation and (ii) sectoral inflation for 22 expenditure groups - both extended with an explicit seasonal component since the Swiss CPI is not seasonally adjusted. Both models attribute the bulk of the 2021-2023 Swiss surge to the permanent trend rather than to transitory noise and reach that reading from data available in real time. In the sectoral model, the sector-specific trends account for most of the variance, whereas the common inflation trend plays only a minor role. https://www.snb.ch/en/publications/research/working-papers/2026/working_paper_2026_14 Forecasting the post-COVID inflation surge in Switzerland 2026-11-03T23:00:00Z SNB Inflation persistence Unobserved components Stochastic volatility Bayesian Gibbs sampling Seasonal adjustment Switzerland COVID-19 Forecasting the post-COVID inflation surge in Switzerland https://www.snb.ch/en/publications/research/working-papers/2026/working_paper_2026_14 The surge in inflation after the COVID-19 pandemic caught forecasters and policy makers by surprise: shocks treated as transitory turned out to be persistent, producing large forecast errors. Watson (2026) asks whether the U.S. surge could instead have been recognised as persistent in real time using Unobserved-Components Stochastic Volatility (UC-SV) models. This paper replicates and extends that exercise for Switzerland, using (i) total Swiss CPI inflation and (ii) sectoral inflation for 22 expenditure groups - both extended with an explicit seasonal component since the Swiss CPI is not seasonally adjusted. Both models attribute the bulk of the 2021-2023 Swiss surge to the permanent trend rather than to transitory noise and reach that reading from data available in real time. In the sectoral model, the sector-specific trends account for most of the variance, whereas the common inflation trend plays only a minor role. Simon Beyeler Simon Beyeler Simon Beyeler 2026 SNB Working Papers 2026-14 E31 E37 C11 C32 2026-11-03T23:00:00Z en https://www.snb.ch/en/publications/communication/speeches/2026/ref_20261103_msl https://www.snb.ch/en/publications/communication/speeches/2026/ref_20261103_msl Die Schweizer Wirtschaft im globalen Umfeld 2026-11-03T10:30:00Z SNB Die Schweizer Wirtschaft im globalen Umfeld https://www.snb.ch/en/publications/communication/speeches/2026/ref_20261103_msl Martin Schlegel Chairman of the Governing Board SNB-Wirtschaftstreffen Region Ostschweiz, St Gallen 2026-11-03T10:30:00Z en https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/11/statpub_news_20261102_a https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/11/statpub_news_20261102_a Interest rates and exchange rates, November 2026 2026-11-02T13:30:00Z SNB Interest rates and exchange rates, November 2026 https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/11/statpub_news_20261102_a 2026-11-02T13:30:00Z en https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/11/statpub_news_20261102_gwd https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/11/statpub_news_20261102_gwd Important monetary policy data, 2 November 2026 2026-11-02T09:00:00Z SNB Important monetary policy data, 2 November 2026 https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/11/statpub_news_20261102_gwd 2026-11-02T09:00:00Z en https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/10/statpub_news_20261030_c https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/10/statpub_news_20261030_c SNB balance sheet items end of September 2026 2026-10-30T08:00:00Z SNB SNB balance sheet items end of September 2026 https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/10/statpub_news_20261030_c 2026-10-30T08:00:00Z en https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/10/statpub_news_20261030_sddsplus https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/10/statpub_news_20261030_sddsplus IMF SDDS Plus, 30 October 2026 2026-10-30T08:00:00Z SNB IMF SDDS Plus, 30 October 2026 https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/10/statpub_news_20261030_sddsplus 2026-10-30T08:00:00Z en https://www.snb.ch/en/publications/communication/press-releases/2026/pre_20261030 https://www.snb.ch/en/publications/communication/press-releases/2026/pre_20261030 Interim results of the Swiss National Bank as at 30 September 2026 2026-10-30T06:15:00Z SNB Interim results of the Swiss National Bank as at 30 September 2026 https://www.snb.ch/en/publications/communication/press-releases/2026/pre_20261030 2026-10-30T06:15:00Z en https://www.snb.ch/en/publications/communication/speeches/2026/ref_20261029_gpetmo In order to perform its statutory tasks, the SNB provides the financial system with central bank liquidity against sufficient collateral. The SNB's collateral policy protects its balance sheet and ensures that liquidity is provided in an effective, efficient and transparent manner. The SNB GC Basket plays a key role in the implementation of monetary policy and in supporting payments. It combines high quality requirements with a broad, international focus, and has also become established as the collateral standard in the Swiss interbank repo market. This common standard and the integrated market infrastructure facilitate the mobilisation of collateral, thereby supporting the effective implementation of monetary policy and the smooth functioning of payments. The SNB reviews its collateral policy on an ongoing basis and adjusts it as necessary to take account of changed market conditions and technological developments. https://www.snb.ch/en/publications/communication/speeches/2026/ref_20261029_gpetmo Liquidity against collateral: the SNB's approach 2026-10-29T17:30:00Z SNB Liquidity against collateral: the SNB's approach https://www.snb.ch/en/publications/communication/speeches/2026/ref_20261029_gpetmo In order to perform its statutory tasks, the SNB provides the financial system with central bank liquidity against sufficient collateral. The SNB's collateral policy protects its balance sheet and ensures that liquidity is provided in an effective, efficient and transparent manner. The SNB GC Basket plays a key role in the implementation of monetary policy and in supporting payments. It combines high quality requirements with a broad, international focus, and has also become established as the collateral standard in the Swiss interbank repo market. This common standard and the integrated market infrastructure facilitate the mobilisation of collateral, thereby supporting the effective implementation of monetary policy and the smooth functioning of payments. The SNB reviews its collateral policy on an ongoing basis and adjusts it as necessary to take account of changed market conditions and technological developments. Petra Tschudin / Thomas Moser Member of the Governing Board / Alternate Member of the Governing Board Money Market Event, Geneva 2026-10-29T17:30:00Z en https://www.snb.ch/en/publications/research/economic-notes/2026/economic_note_2026_08 Collateral is a key component of repurchase agreement transactions. We document collateral usage in the Swiss interbank repo market using an extensive transaction-level dataset. We find that a substantial share of securities eligible for the SNB General Collateral Basket is actively used, particularly securities denominated in Swiss francs. Collateral usage is concentrated in a small number of issuers and highly rated securities denominated in Swiss francs. At the same time, it displays a broad and balanced maturity profile, and cross-currency repos account for a meaningful share of trading volume. https://www.snb.ch/en/publications/research/economic-notes/2026/economic_note_2026_08 What collateral is used in the Swiss interbank repo market? 2026-10-28T23:00:00Z SNB Repo market Collateral SNB GC Basket Interbank transactions Money market activity What collateral is used in the Swiss interbank repo market? https://www.snb.ch/en/publications/research/economic-notes/2026/economic_note_2026_08 Collateral is a key component of repurchase agreement transactions. We document collateral usage in the Swiss interbank repo market using an extensive transaction-level dataset. We find that a substantial share of securities eligible for the SNB General Collateral Basket is actively used, particularly securities denominated in Swiss francs. Collateral usage is concentrated in a small number of issuers and highly rated securities denominated in Swiss francs. At the same time, it displays a broad and balanced maturity profile, and cross-currency repos account for a meaningful share of trading volume. Damien Klossner Damien Klossner Igor Mlikota Igor Mlikota Sabrina Stadelmann Sabrina Stadelmann Damien Klossner, Igor Mlikota and Sabrina Stadelmann 2026 SNB Economic Studies 2026-08 2026-10-28T23:00:00Z en https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/10/statpub_news_20261029_fin https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/10/statpub_news_20261029_fin Swiss Financial Accounts, Q2 2026 2026-10-29T08:00:00Z SNB Swiss Financial Accounts, Q2 2026 https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/10/statpub_news_20261029_fin 2026-10-29T08:00:00Z en https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/10/statpub_news_20261026_gwd https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/10/statpub_news_20261026_gwd Important monetary policy data, 26 October 2026 2026-10-26T09:00:00Z SNB Important monetary policy data, 26 October 2026 https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/10/statpub_news_20261026_gwd 2026-10-26T09:00:00Z en https://www.snb.ch/en/publications/research/working-papers/2026/working_paper_2026_13 We compiled and processed a novel, comprehensive dataset of 1,063 speeches delivered by high-ranking Swiss National Bank officials between 1928 and 2024. Beyond tracking their quantitative evolution, we conducted an in-depth analysis of the length, readability and thematic content. To ensure robust results, we benchmarked traditional Python-based NLP text mining against generative artificial intelligence using ChatGPT. Our findings highlight four primary policy insights. First, the frequency of annual speeches has followed an upward trajectory since the mid-1950s, accelerating notably after the transition to flexible exchange rates. Second, a clear shift toward brevity is evident. Third, the language has become increasingly accessible since the 1960s. Fourth, inflation has moved to the forefront of the thematic discourse in the era of flexible exchange rates, while cyclical economic development and unemployment have received less emphasis. Finally, we outline key methodological lessons for deploying LLMs to analyze central bank communication, emphasizing the complementary relationship between probabilistic language models and deterministic Python frameworks, while addressing inherent algorithmic pitfalls and identifying critical open questions for future research. https://www.snb.ch/en/publications/research/working-papers/2026/working_paper_2026_13 The evolution of frequency, language complexity and policy narrative: benchmarking Python-based NLP and ChatGPT on a century of SNB rhetoric 2026-10-22T22:00:00Z SNB Central bank speeches Linguistic Analysis Natural Language Processing (NLP) ChatGPT The evolution of frequency, language complexity and policy narrative: benchmarking Python-based NLP and ChatGPT on a century of SNB rhetoric https://www.snb.ch/en/publications/research/working-papers/2026/working_paper_2026_13 We compiled and processed a novel, comprehensive dataset of 1,063 speeches delivered by high-ranking Swiss National Bank officials between 1928 and 2024. Beyond tracking their quantitative evolution, we conducted an in-depth analysis of the length, readability and thematic content. To ensure robust results, we benchmarked traditional Python-based NLP text mining against generative artificial intelligence using ChatGPT. Our findings highlight four primary policy insights. First, the frequency of annual speeches has followed an upward trajectory since the mid-1950s, accelerating notably after the transition to flexible exchange rates. Second, a clear shift toward brevity is evident. Third, the language has become increasingly accessible since the 1960s. Fourth, inflation has moved to the forefront of the thematic discourse in the era of flexible exchange rates, while cyclical economic development and unemployment have received less emphasis. Finally, we outline key methodological lessons for deploying LLMs to analyze central bank communication, emphasizing the complementary relationship between probabilistic language models and deterministic Python frameworks, while addressing inherent algorithmic pitfalls and identifying critical open questions for future research. Severin Joho Severin Joho Enzo Rossi Enzo Rossi Severin Joho and Enzo Rossi 2026 SNB Working Papers 2026-13 E52 E58 D83 2026-10-22T22:00:00Z en https://www.snb.ch/en/publications/communication/summaries/zus_20261022 https://www.snb.ch/en/publications/communication/summaries/zus_20261022 Monetary policy assessment of September 2026: Summary of discussion 2026-10-22T07:30:00Z SNB Monetary policy assessment of September 2026: Summary of discussion https://www.snb.ch/en/publications/communication/summaries/zus_20261022 2026-10-22T07:30:00Z en https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/10/statpub_news_20261021_b https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/10/statpub_news_20261021_b Economic data, October 2026 2026-10-21T07:00:00Z SNB Economic data, October 2026 https://www.snb.ch/en/publications/statistical-publications/data-portal/2026/10/statpub_news_20261021_b 2026-10-21T07:00:00Z en